Mumbai: The new Companies Bill will be presented in the winter session of Parliament, Minister of Corporate Affairs M Veerappa Moily informed.

Speaking at the CII's eighth International Corporate Governance Summit in Mumbai, Moily assured the bill will be facilitative and "best in the world".

Intended to replace the Companies Act-1956, the Companies Bill has undergone several modifications in view of the Rs 14,000-crore Satyam accounting fraud.

The new bill would introduce concepts like corporate social responsibility, class action suits and a fixed term for independent directors.

It also proposes to tighten laws for raising money from the public and seeks to prohibit any insider trading by company directors or key managerial personnel by treating such activities as criminal offence.

Moily also said convergence with International Financial Reporting Standards (IFRS) is expected to be implemented by April, 2013.

(Agencies)

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